First home at Adelia at Old Goodwood finished, more on the way
Nearly three years after architect and developer Mike Hogstrom unveiled plans for Adelia at Old Goodwood—a 17-acre infill, residential development built around the Old Goodwood Plantation—the project is beginning to take shape.
The first home at the 47-lot development at 7037 Goodwood Blvd. has been completed and is occupied, three additional spec homes have sold, and eight custom homes should break ground before the end of the year. All but 11 lots have been sold.
Also by the end of the year, Hogstrom plans to complete landscaping around the perimeter of the development, which will be gated, and will begin the first $1 million worth of renovations to the nearly 160-year-old plantation home.
As originally planned, the historic home will serve as the centerpiece of the development and will be used for office and event space.
Getting the project off the ground has taken Hogstrom longer than he initially planned for several reasons, including financing, developing around a historic structure and building homes that are among some of the priciest in the market on a per-square-foot basis.
The three spec homes that recently sold were around 3,800 square feet each and fetched an average of $315 per square foot, which is just slightly below the average price per square foot of the top 10 home sales in the market in 2017, according to Business Report’s annual list of Most Expensive Home Sales.
“Things move a little slower at this price point than my other types of projects,” Hogstrom says. “When you get to that next comma the design takes longer, the financing takes longer, the construction takes longer. So it has exceeded everyone’s expectation but it feels slow.”
In another significant development for the project, Hogstrom on Tuesday closed out the initial investors, led by businessman John Engquist, whose financing made the project possible. Hogstrom says he is now 100% owner of Adelia Development Company.
He is also close to finalizing a deal with Baton Rouge Green to purchase some 400 new live oak and Savannah holly trees that he will plant around and throughout the development. The trees are already mature, some as tall as 20 feet.
“We had to remove some weed trees from the property,” he says. “But we are coming back with brand new healthy, mature trees that will be there for generations.”